Under the UCC Which of the Following Is True If

question 86

Multiple Choice

Under the UCC which of the following is true if goods are identified at the time the parties entered into a contract and these goods are partially destroyed through no fault of the parties before risk passes to the buyer?

• A) The contract is void.
• B) The buyer may inspect the goods and decide whether to (1) treat the contract as void or (2) ask the seller for a reduction of the contract price and then accept the damaged goods.
• C) The buyer has five days in order to determine whether to void the contract or proceed under it.
• D) Unless the parties can agree on a price, the matter must be submitted to arbitration for a determination as to an appropriate price.
• E) Unless the parties can agree on a price, the contract is voidable at the option of the seller who does not wish to remedy any problems.

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Definitions:

Economic Fortune

The state of prosperity or success, especially as determined by economic variables such as income, employment, and market position.

Exchange-rate System

The method by which a country manages its currency in relation to other currencies and determines its exchange rate.

Flexible System

An adaptable framework or methodology that can adjust to changes in environment or operation, often seen in production, management, or scheduling.

Major Currencies

The world's most widely traded currencies, typically including the US Dollar, Euro, Japanese Yen, and British Pound among others.